gm! We’re testing out a new tool called Props. We’d love to discuss how something like this could be useful to you!
A Prop is an open edition mint that deploys an idea, challenge, or proposal for a community to support in a risk-free manner. Think of it as a public call-to-action, backed by a token to create recognition and accountability.
Check out an example here:
- Open Edition. Each Prop is linked to an open edition mint for 7 days, allowing supporters to mint multiple editions of an ERC-1155 token. By minting, supporters contribute to a reward pool that incentivizes the Prop’s outcome. Each edition represents a contributor’s support for the Prop’s outcome.
- Contributions. Each time a Prop is minted, ~$2 USD (0.0005 ETH) is added to a Prop’s reward pool. This pool builds up with every mint, creating a meaningful incentive for the Prop to be delivered. When a Prop’s outcome is successfully realized, the funds are unlocked by a validator to an account designated by the proposer.
- What happens if a Prop fails to deliver? If the Prop fails to deliver after a specific timeframe, everyone who minted the Prop will be refunded their mint fee. As a plus, contributors still get to keep their Prop edition as a token of support even if the Prop wasn’t delivered. This way, contributors remain part of the journey independent of the outcome.
If you want to create your own Prop, send us a message on Twitter @manifoldxyz or drop a message in our forum:bulb:
FAQ
How are Prop outcomes determined?
Props outcomes are determined by a validator, defined by the underlying smart contract. This validator could be another smart contract or an individual, depending on the Prop’s structure. For our initial release, the validator will be the proposer, giving them the authority to determine whether the outcome was achieved. In the future, we plan to open the validation process to dispute resolution using an oracle—similar to decentralized platforms like Polymarket—ensuring transparency and trust in outcome decisions.
How is the timeframe for a Prop defined?
Each Prop has a defined lifecycle with three stages:
Open Edition – where supporters can mint editions of the Prop. This phase lasts for 7 days.
Awaiting Response – after the minting phase, the Prop enters a 7-day period where it awaits a response from the recipient.
Awaiting Outcome – once the response is received, the recipient has up to 30 days to fulfill the Prop outcome.
This structured timeframe ensures that all participants have a clear understanding of the timeline and expectations.
What happens if there’s a dispute related to a Prop’s outcome?
In case of a dispute over whether a Prop outcome was delivered, the validator initially decides on the outcome. However, with an oracle-based dispute resolution system in future updates, similar to mechanisms used on other decentralized platforms, the system would allow disputes to be resolved transparently and impartially.
What are some examples of great Props?
Here are a few examples:
Creative Collaborations: An artist could be challenged to create a custom piece of art, which will be rewarded if they deliver as promised.
Social Impact Challenges: A popular public figure could be challenged to donate to a cause or participate in a charitable event, backed by community contributions.
Public Commitments: A brand could be asked to take a stand on sustainability or social issues, with the reward pool encouraging timely and visible action.
These types of Props create value for both the recipients and the community by encouraging outcomes that align with the interests and values of supporters.
Since all Props are natural ERC-1155s, a creator could follow up a successful Prop with a Manifold Burn Redeem to reward original supporters with a custom reward token.
How are Props different from traditional crowdfunding?
Props offer a risk-free approach to supporting projects. Unlike traditional crowdfunding, where funds are released upfront with no guarantee of project completion, Props holds contributions in a reward pool, only releasing them if the proposal is successfully completed.
Additionally, If the proposal isn’t fulfilled, supporters are refunded, creating a safety net for backers. Plus, by minting to back proposals, supporters receive a collectible asset they keep regardless of the outcome as recognition for their support.
- How do supporters know if someone accepts? Just on the page?